General view of the WeWork flagship Weihai Road on Apr 12, 2018 in Shanghai, China. WeWork, the world’s leading coworking space company, is to acquire rival China-based Naked Hub for US$400 million. (Photo by Jackal Pan/Visual China Group via Getty Images)
VCG | fake images
Take a look at the companies that make headlines in Thursday midday trading.
WeWork: WeWork shares rose more than 9% after Credit Suisse initiated coverage of the higher-rated shared office stock with an $11 price target, more than double its closing level on Wednesday. The firm said the company is ready to benefit from its first-mover advantage.
Snowflake: The cloud data provider saw its shares jump more than 9% after JPMorgan upgraded them from neutral to overweight and said the company is “reaching a tipping point in terms of material free cash flow generation “. The firm also reiterated its price target, which is about 30% from where shares closed on Wednesday.
United Airlines: Shares fell more than 3% after the company eliminated 12% of flights from Newark in a bid to reduce delays. United Airlines is cutting 50 daily flights starting July 1.
Rite Aid: Shares of the pharmacy jumped 15% after the company reported better-than-expected revenue and a smaller-than-expected quarterly loss in its most recent quarter.
KB Home: KB Home shares rose nearly 9% after the homebuilder reported better-than-expected results for its fiscal second quarter. KB Home generated $2.32 in earnings per share on $1.72 billion in revenue. Analysts surveyed by Refinitiv were looking for $2.03 in earnings per share on $1.64 billion in revenue. The company also reaffirmed its outlook for fiscal 2022.
Revlon: Revlon fell 12%, following a three-day winning streak for beauty stocks that followed its Chapter 11 bankruptcy filing last week. Shares of the cosmetics maker have more than quadrupled in the past three sessions.
Veeva Systems: Shares of Veeva Systems, a provider of cloud-based software for the life sciences industry, rose 5.7% after Goldman Sachs began coverage of the stock with a buy rating. The firm said the company is poised for success thanks to its strong margins and leadership in CRM solutions, which Goldman called its “competitive moat.”
Funko: Shares of Funko, the maker of vinyl figurines and bobbleheads, rose 12% after JPMorgan upgraded the stock to overweight from neutral and said the stock has upside potential even as economic growth slows, calling the toy industry a safe haven.
Factset Research Systems: The financial data company saw its shares rise more than 5% after reporting better-than-expected results for its fiscal third quarter. FactSet reported adjusted earnings of $3.67 per share on $489 million of revenue. Analysts surveyed by Refinitiv had calculated $3.23 in earnings per share on $477 million in revenue. FactSet also said it expected growth to be at the higher end of previous guidance for the full fiscal year.
— CNBC’s Jesse Pound and Sarah Min contributed reporting.